UAE ranks first in 11 global competitiveness Indices

The Ministry of Finance (MoF) announced thatthe UAE has ranked first in 11 global competitiveness indices among six different competitive reports (2017- 2018), issued by the World Economic Forum (WEF), the World Bank Group (WBG), the European Institute of Business Administration (INSEAD) and the International Institute for Management Development (IMD).

These indices are part of the UAE Government’s objectives outlined in the ‘Project Number One’ initiative for 2017, and are in line with the Ministry’s commitment to enhance the country’s competitiveness levels globally.

The UAE ranked first in three indices in the Global Competitiveness Report 2017-2018, issued by WEF, including ‘Efficiency of Government Spending’ index, ‘Annual Inflation Rate’ Index, and ‘Absence of Effect of Taxation on Incentives to Invest’. UAE also ranked first in ‘Ease of Paying Taxes’ and ‘Ease of Doing Business’ indices based on the 2017 report issued by WBG. In the Travel & Tourism Competitiveness Report 2017 – issued by WEF, the country ranked first in ‘Effect of Taxation on Incentives to Invest’ index, ‘Low tax rate (per cent profit)’ index. The Global Innovation Index by INSEAD reported that the UAE ranked first in ‘Ease of Paying Taxes’, and the World Competitiveness Yearbook by IMD reported that the country came in first in the ‘Collected Personal Income Tax (per cent)’ and ‘Collected Indirect Tax Revenues (per cent)’ and ‘Consumption Tax Rate’. Additionally, UAE ranked first in ‘Extent and Effect of Taxation’ according to the Global Talent Competitiveness Index by INSEAD.

HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, presented these achievements to UAE President HH Sheikh Khalifa bin Zayed Al Nahyan and HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. He stressed that these accomplishments came as a result of the vision of the wise leadership to improve the government’s financial work and develop effective fiscal and monetary policies to strengthen the economic, monetary and financial structure of the nation and ensure its continued prosperity.

“These achievements and first place rankings are a source of pride for our country and its citizens, emphasising the great trust international organisations have in our government. Such acknowledgment also recognises the success of the efforts exerted by the Ministry to improve the administrative structure and financial and monetary policies of the nation in accordance with the highest international standards. These efforts continue to ensure that the country always ranks first in the various Global Competitiveness Indices, consolidating a position of global leadership for our beloved homeland,” said HH.

The country's first place rank in 11 global competitiveness indices comes as part of MoF's initiative aimed at raising the country's ranking in various world competitiveness indices. MoF worked in coordination with the UAE Federal Competitiveness and Statistics Authority to identify indices related to the work of the Ministry and to adopt and implement all necessary measures to ensure that the country comes in first in the targeted indices in 2017. The effort comes within the framework of achieving the objectives of the UAE 2021 vision, which aims to make the UAE among the best countries in the world by the Golden Jubilee of the Union.

HH stressed the commitment of MoF in its role and the tasks entrusted to it in achieving the objectives of the national agenda and the vision of the UAE 2021. “The culture of excellence in the Ministry and its work has been established, where all of its departments, divisions and employees are working towards achieving its strategic goals. Each and every member of staff is engaged in supporting the Government’s efforts to prepare the local economy for the post-oil phase and the establishment of a sustainable knowledge-based economy for future generations.”

HH added, “The Ministry of Finance has secured the protection and safety of the financial system of our nation; and building a stable, sustainable economy that is characterised by flexibility and diversity is a central objective of its initiatives. Since its establishment, the Ministry has built itself upon organised and directed action, accurate data, and realistic economic forecasts to develop and implement financial and monetary policies that meet the aspirations of our government, our people and that ensure a prosperous future for our children.”

HH also praised the efforts exerted by all federal and local governments and their close cooperation with the Ministry of Finance to coordinate and harmonise financial policies and work towards a unified vision.